Market research is one of the most useful tools that a business can use to further develop the way it understands customers and maximise the potential for profit and growth. It’s essential for businesses of all sizes and benefits everyone from small start-ups through to multinationals, paving the way for data-led success.
So, why do SMEs require Market Research? You may own a product or service that is in great demand. But is that enough? No! Having a fantastic product or service is not a guarantee of success without knowing why you offer this product, and who you are offering it to. To help break down queries like why do SMEs require market research, here are some examples as to how market research can help your business grow:
Knowing your consumer
Market research gives you a great chance to know your most important stakeholder all the better – your customer. Having a great product is not enough in an age of information and digital capability as competitors will always find ways to steal your market share. Focus on really getting to know your consumers – what they want, when they want it and how they want it. This can be achieved by asking your existing customers a series of questions about your product and how happy they are with its delivery and performance. Come to understand your target demographics better by putting yourself in their shoes – how are they most likely to find your product? Are there any industry publications that you can form partnerships with?
Market research may seem like a time consuming process but what it brings to a business is far more valuable. If you are unsure where to start, reach out to us and we’ll lead you in the right way.